MUMBAI: Edtech company Unacademy will not associate with the Indian Premier League (IPL) 2023 as official partner, co-founder and CEO Gaurav Munjal has confirmed.
Munjal made the announcement on his official Twitter handle, posting: “The last three years with the IPL were amazing. Our brand went to another level. I recommend all upcoming brands to partner with the IPL. Our focus has changed. Hence, the decision to not do IPL next year.”
Munjal also wrote an email to employees saying that “to turn cash flow positive, the company “must embrace frugality as a core value”.
In the email sent Monday, Munjal wrote, “Even though we have more than Rs 2,800 crore in the bank (as of this morning), we are not efficient at all. We spend crores on travel for employees and educators. Sometimes, it’s needed. Sometimes, it’s not. There are a lot of unnecessary expenses that we do. We must cut all these expenses. We have a strong core business. We must turn profitable ASAP.”
